Nationalised Bank Assistant Manager Siphons 2.7 Kg Gold From Customer Lockers To Fund Gambling
Nationalised Bank Assistant Manager Siphons 2.7 Kg Gold From Customer Lockers To Fund Gambling
Police say the accused misused locker access over months, pawning stolen ornaments for online betting; theft surfaced during routine customer verification.
A nationalised bank employee in Bengaluru has been arrested for allegedly stealing nearly 2.7 kg of gold ornaments from customer lockers and pawning them to finance online betting and gambling.
The accused has been identified as Kiran Kumar (34), an assistant manager at the Indian Bank’s Girinagar branch. Police said he allegedly misused his access to locker keys and gradually siphoned off pledged gold over a period of several months, especially when the branch manager was not present.
The theft came to light on January 2, when customers visited the branch to retrieve jewellery pledged against loans. During locker verification, discrepancies were noticed, prompting the bank to conduct a detailed inspection of stored gold packets.
According to preliminary findings, ornaments were partially missing from 21 packets and completely missing from three. Investigators estimate that around 2,783 grams of gold, valued at nearly Rs 4 crore, had been stolen.
The branch manager subsequently lodged a police complaint, and a case was registered under relevant sections, including criminal breach of trust.
In his complaint, the manager stated that a stock verification was carried out on 207 packets containing pledged gold ornaments over the past year. Of these, 24 packets were found tampered with, with three packets completely empty and others missing portions of jewellery.
Police took Kumar into custody soon after the complaint. During initial questioning and an internal inquiry, he allegedly confessed to stealing the gold between June 2025 and January 2026.
Investigators said Kumar pawned the stolen ornaments at various private financial firms and used the proceeds to fund online gambling and betting activities.
So far, authorities have recovered around 1.2 kg of gold, while efforts continue to trace and recover the remaining valuables. Police noted that some financiers have not been fully cooperating, and the matter may be taken to court for further directions.
Officials have also urged customers to routinely verify the contents of pledged valuables and remain alert, even when dealing with trusted institutions.
The case has raised serious concerns over internal security and oversight in banking systems, especially in branches handling high-value pledged assets.
